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Jacko's Forex House of Pleasure and Pain

  • #9,741
  • Nov 5, 2009 4:13pm Nov 5, 2009 4:13pm
i am applying some of strat's principles of the close of the candle here.

Quoting coscorp
interesting point.....and given how it held on Nov 4th (D1 TF)...definitely not done fighting yet...however it did recieve quite a blow on Nov 3 and multiple blows on H4....thus...I shall tread carefully around it.
  • #9,742
  • Nov 5, 2009 4:15pm Nov 5, 2009 4:15pm
true...true...
Nihil inimicus quam sibi ipse Marcus Tullius Cicero
  • #9,743
  • Nov 5, 2009 5:32pm Nov 5, 2009 5:32pm
Quoting fxnoob08
my reasoning is that we were at a long time weekly high and price was below 1.4700. since previous support has a knack for becoming resistance I wanted price to soar well above 1.4700 before I entered and the next round number was 1.4750 which is where I entered. just got out +90 pips a few minutes ago
good trade. I didn't mean to put shite on you.
  • #9,744
  • Nov 5, 2009 5:38pm Nov 5, 2009 5:38pm
Quoting garrye
when price never broke 14600 ish level and price moved up,14700 area would have been a good level to enter,14650,even better,nice trade ninja,when price broke 14750 also mp was were i added too trade,nice to wake up and be stopped out at 14850,if i was to ct this area 14850 area,would be a great price,but i will wait for london to open,and might not trade the rest of the week,the last few months the way the euro has been following the dow has made this easy,everyone has been waiting for dow to tank and dollar to be strong,not yet best...
good trade. the 4750 price break had me going short but I cut it dead fast when it moved back to past the old 50% fib at 4770
  • #9,745
  • Nov 5, 2009 5:45pm Nov 5, 2009 5:45pm
Quoting noobistrader
Jacko is not a signal service and the word "signal" has already brought this great thread to the "commercial forum".

To those who respect him,it is nice to be sensitive about the word "signal"


cheers
The reason I joined jackos group is because I did not want a signal seller who only sends out random trade signals. I wanted a professional trader and I wanted to see his system and know that he had his money on the trade. I wanted to find a profesional trader who put his balls on the line with his trades that I could ask questions.
  • #9,746
  • Nov 5, 2009 8:23pm Nov 5, 2009 8:23pm
Quoting forexmick
The reason I joined jackos group is because I did not want a signal seller who only sends out random trade signals. I wanted a professional trader and I wanted to see his system and know that he had his money on the trade. I wanted to find a profesional trader who put his balls on the line with his trades that I could ask questions.
how's it working out?
  • #9,747
  • Nov 5, 2009 10:02pm Nov 5, 2009 10:02pm
Quoting coolshades
i am applying some of strat's principles of the close of the candle here.
coolshades...could you explain a bit please. I thought that jacko was drawing his TL's off the lows/highs, not the closes.

As you suggest, if ones looks at the closes, the TL at 1.4700 was never really broken on a daily chart. (that bar that shot down to 1.4625 closed at 1.4716)
  • #9,748
  • Nov 5, 2009 10:04pm Nov 5, 2009 10:04pm
Quoting fxnoob08
how's it working out?
Brilliantly.

http://www.forexfactory.com/showpost.php?p=3197379&postcount=9696
  • #9,749
  • Nov 6, 2009 12:18am Nov 6, 2009 12:18am
Quoting bluehorizon
coolshades...could you explain a bit please. I thought that jacko was drawing his TL's off the lows/highs, not the closes.

As you suggest, if ones looks at the closes, the TL at 1.4700 was never really broken on a daily chart. (that bar that shot down to 1.4625 closed at 1.4716)
I can't speak for Jacko or coolshades, but drawing TL off of candle close, would give every participant with a different broker feed system time a different TL, which would defeat the purpose of using TL to try and align yourself with majority market sentiment, and capture entries associated with trendline breaks/bounces.

I'm of the opinion TL's should be drawn from highs and lows because then they will only vary by a pip or two in absolute terms, per broker, rather than being defined by when each individual broker closes a given candle (smaller TF's being exempt).

Just my two cents.
  • #9,750
  • Nov 6, 2009 12:19am Nov 6, 2009 12:19am
Quoting Interceptor
Just trade what the charts show, NOT what you 'think' they may be about to do.
Interceptor, can you put more explanations to explain your charts. I see them but would like some descriptions to explain them
  • #9,751
  • Nov 6, 2009 12:27am Nov 6, 2009 12:27am
i have read everything on this thread . i have been paper trading jackos system i trade s/r levels with price on 4 hour,enter on the 15 min p/a,adding the fibs has given me extra % gain.i mostly trade with the trend,was thinking to join jackos group,would it be worth me joining i only trade 2 lots i want to take his calls while learning to see why he trades his levels ok the big but for me joining,is a friend emailed me his results and the trades have not even made 2000 pips in 14 months,and the the first 3 months of the year and the last few months less than 300 pips.is there two groups i dont want to join the one my friends in i can make alot more pips and% gain.i emailed jacko to ask which group i should join i think hes buzy,do i need to be in the first group or the second,thanks mick i hope to go fulltime soon
  • #9,752
  • Nov 6, 2009 2:37am Nov 6, 2009 2:37am
you should email jacko and wait for his reply there is only one group and what pips he makes is private thats why he has a private group .this is not the place this were we talk about trades
student
  • #9,753
  • Nov 6, 2009 2:38am Nov 6, 2009 2:38am
Regarding TL's - I will continue to draw them from the high or the low HOWEVER where the bar closes is also important.

just my .02
Nihil inimicus quam sibi ipse Marcus Tullius Cicero
  • #9,754
  • Nov 6, 2009 2:58am Nov 6, 2009 2:58am
Quoting forexmick
The reason I joined jackos group is because I did not want a signal seller who only sends out random trade signals. I wanted a professional trader and I wanted to see his system and know that he had his money on the trade. I wanted to find a profesional trader who put his balls on the line with his trades that I could ask questions.
Can't agree with you more forexmick

I think this thread has been doing great lately with all that discussion on the "break of the TL"

I have benefited greatly from people posting here.

Keep it up guys!
  • #9,755
  • Nov 6, 2009 3:04am Nov 6, 2009 3:04am
Quoting Low
I can't speak for Jacko or coolshades, but drawing TL off of candle close, would give every participant with a different broker feed system time a different TL, which would defeat the purpose of using TL to try and align yourself with majority market sentiment, and capture entries associated with trendline breaks/bounces.
good point... as coscorp pointed out, i guess the close is important and should maybe have a clue to get out of that trade.
  • #9,756
  • Nov 6, 2009 3:05am Nov 6, 2009 3:05am
Quoting goodfellow
i have read everything on this thread . i have been paper trading jackos system i trade s/r levels with price on 4 hour,enter on the 15 min p/a,adding the fibs has given me extra % gain.i mostly trade with the trend,was thinking to join jackos group,would it be worth me joining
It is worth genuinely worth joining. I use the system on more than the E/U and it can be used on any other pair. Jacko takes a longer time frame to trading than me so you can boost your pips by trading more pairs. He doesn't need to. He makes enough money from trading big lots on the E/U.
  • #9,757
  • Nov 6, 2009 3:26am Nov 6, 2009 3:26am
i am in two minds on this - i mean on encouraging someone to join.

joining or not really depends on what the joinee's objectives are. if it is to use Jacko as a signal service, then i would suggest with respect there are a lot many other signal providers out there who send signals more frequently.

now before coscorp comes down on me like a ton of bricks, Jacko is NOT a signal service. i understand that the trading group he has created is one of mentoring and if i read a lot of posts here it is less about the system and MORE about the patience, the psychology and reading the MACRO markets and how they could influence trading.


however, there will be still some traders who will use Jacko as a signal service, and i think one needs to just read back at the pissed off comments here when a Jacko trade has gone wrong, to see that.

so: if a signal service is what you are after - dont join.

if you are looking to learn what i mentioned in the third para, then you should look into joining.

there are quite a few traders who have benefitted from jacko and are doing very well now, forexmick, fxtrader29 for example.

then there is also Dan on the DANUK thread who has applied Jacko's system (he is not a member) and is doing splendiferously.

the ultimate decision is yours.


Quoting forexmick
It is worth genuinely worth joining. I use the system on more than the E/U and it can be used on any other pair. Jacko takes a longer time frame to trading than me so you can boost your pips by trading more pairs. He doesn't need to. He makes enough money from trading big lots on the E/U.
  • #9,758
  • Nov 6, 2009 3:34am Nov 6, 2009 3:34am
Bearing in mind today is NFP day - this is what I'm looking at

http://screencast.com/t/bobPSyYmZy

Red - Major TL's
Yellow - Medium to Minor TL's
Orange - S/R Range - PPZ in J16.


Right now were sitting in the middle of a minefield - price could go anywhere. However the confluence of the minor upper TL and a SR level spells a nice BO setup though I'm not at all sure it will travel very much further before a decent correction but if it breaks I will likely hop on (bias is still UP after all - BUT I'm also keeping a close look at the angle of the Lower TL on Weekly and Monthly) with a relatively tight tsl - in an ideal world it will go to the upper TL area then turn and nose dive.

post NFP should give us something more to speculate on.
Nihil inimicus quam sibi ipse Marcus Tullius Cicero
  • #9,759
  • Nov 6, 2009 3:34am Nov 6, 2009 3:34am
Quoting coolshades
i am in two minds on this - i mean on encouraging someone to join.

joining or not really depends on what the joinee's objectives are. if it is to use Jacko as a signal service, then i would suggest with respect there are a lot many other signal providers out there who send signals more frequently.

now before coscorp comes down on me like a ton of bricks, Jacko is NOT a signal service. i understand that the trading group he has created is one of mentoring and if i read a lot of posts here it is less about the system and MORE about the patience,...
I didn't mean to be encouraging someone to join. But it has been a top of the line experience for me.
  • #9,760
  • Nov 6, 2009 3:35am Nov 6, 2009 3:35am
ROFL.

Anycase very well said.

Cheers

Quoting coolshades
i am in two minds on this - i mean on encouraging someone to join.

joining or not really depends on what the joinee's objectives are. if it is to use Jacko as a signal service, then i would suggest with respect there are a lot many other signal providers out there who send signals more frequently.

now before coscorp comes down on me like a ton of bricks, Jacko is NOT a signal service. i understand that the trading group he has created is one of mentoring and if i read a lot of posts here it is less about the system and MORE about the patience,...
Nihil inimicus quam sibi ipse Marcus Tullius Cicero
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